Officials, experts elaborate on opportunities for Hong Kong
in national developm

Participants pose for a group photo during the Embracing the 14th Five-Year Plan and Dual Circulation Strategy Summit in Hong Kong, south China, Aug. 24, 2021. A series of activities on the introduction of the outline of the 14th Five-Year Plan (2021-2025) for national socio-economic development were held in Hong Kong. (Xinhua/Wang Shen)

A national delegation is visiting Hong Kong to brief various sectors here on the new five-year development plan of the country and its implications to the global financial hub.

Delegation members and local experts believe that the plan will create enormous fresh opportunities for the sustainable prosperity of the Hong Kong Special Administrative Region (HKSAR).

The Outline of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development was adopted by China's top legislature in March.

TIMELY RAIN

Finding new growth impetus is an urgent task for Hong Kong as the global financial hub has been reeling from the double blows of social unrest and COVID-19 in recent years, and has yet to recover to the pre-epidemic level.

Chu Kar-kin, a Hong Kong commentator, described the national five-year plan as a "timely rain" for Hong Kong's economic recovery.

Echoing his words, Lo Man-tuen, life honorary chairman of the Chinese General Chamber of Commerce of Hong Kong, said the five-year plan will help create new economic growth points and fitting into the national blueprint is a way out for Hong Kong's embattled economy.

Delegation members said Hong Kong has an important role to play in various areas from finance and commerce to cultural exchanges.

Zhou Chengjun, director of the financial research institute of the People's Bank of China, said Hong Kong should accelerate building an offshore renminbi business hub. "We will continue to promote the high-level connectivity between Hong Kong and mainland financial markets," he said, stressing efforts to push forward cross-border financial product trading in the Guangdong-Hong Kong-Macao Greater Bay Area.

"Hong Kong has enormous potential in technology and innovation," Huang Shengbiao, an official of the Ministry of Science and Technology, said. He looks forward to the closer technological cooperation between Hong Kong and the mainland.

COMPLEMENTARY DEVELOPMENT

"In the future, while improving its own competitiveness, Hong Kong should also think about how to work with mainland cities to complement each other's advantages so as to achieve common development," Paul Chan, Financial Secretary of the HKSAR government, said after listening to reports of the delegation since Monday.

Chan believes more efforts could be done to improve the cooperation in technology and innovation between Hong Kong and other cities in the Greater Bay Area.

Hong Kong should give full play to its role as the super-connector between the mainland and the rest of the world and serve as a bridge for foreign investment into the Greater Bay Area, Chung Kwok-pan, a member of the HKSAR Legislative Council, said.

Chung said the Greater Bay Area offers Hong Kong rare opportunities that must not be missed.

Hu Zhaohui, an official of the National Development and Reform Commission, also emphasized Hong Kong's crucial part in the Greater Bay Area and said "one country, two systems" is Hong Kong's biggest advantage.

RALLYING UNITY

Observers said Hong Kong has missed many opportunities over the past two years due to political disturbances, and efforts must be made to rally consensus and unity so that Hong Kong will be able to move forward.

Paul Chan said the next five years are crucial and development should be the keyword in the period. "We need to do a good job to make Hong Kong people truly feel the benefits of development and increase their sense of gain and happiness."

Hong Kong should be united and refocus on development to make up for the opportunities lost, Chan Ching-chuen, an academician of the Chinese Academy of Engineering and honorary professor of the University of Hong Kong, said, stressing the need for Hong Kong to integrate into the country's new development paradigm of "dual circulation".

Huang Liuquan, deputy head of the Hong Kong and Macao Affairs Office of the State Council, also pointed out that it is urgent for Hong Kong to reach the consensus of concentrating on development.

With a safe environment and no political obstacles, the HKSAR government will double the efforts to bolster the social and economic development, roll out effective measures, shoulder the responsibility of administration, and enhance Hong Kong's competitive advantages, John Lee, chief secretary for administration of the HKSAR government, said.